A Not-For-Profit Organization That Follows FASB Standards Must Display the Changes

question 77

Multiple Choice

A not-for-profit organization that follows FASB standards must display the changes in all classes of net assets on which of the following statements?

• A) Statement of activities.
• B) Statement of financial position.
• C) Statement of cash flows.
• D) Statement of functional expenses.

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Definitions:

Personal-Use Asset

An asset primarily used for the personal enjoyment or needs of an individual or family, as opposed to business or investment use.

FMV

Fair Market Value (FMV) is the price that property would sell for on the open market, between a willing buyer and seller, with neither being under any pressure to buy or sell.

Date of Contribution

The specific day on which an asset or financial investment was contributed or transferred to a particular entity or project.

Separately Stated Item

Items on a partnership's or S corporation's income tax return that are listed separately to ensure proper treatment at the individual level.